Why Choose Us?
Our Voluntary Administration Service
Voluntary Administration can be an excellent solution for a company in financial difficulty, but it is not a one fits all solution. You need experienced experts who know the tricks and traps of the process. So, rather than rush you into signing, we’ll take the time to listen to your story and propose a customised strategy to save your business.
Experienced Voluntary Administrators
Unlike most other firms, our Administrators have practical experience from an actual economic crisis
Fellow of Chartered Accountants Australia & New Zealand, Registered Liquidator by ASIC, Member Association Independent Insolvency Practitioners
John has more than 30 years specialist experience in corporate recovery, restructuring and reorganisation. He was a Partner of one of the Big4 Accounting firms, Ernst & Young in the Transaction Advisory Services Division for 24 years and Leader of the firm’s National Corporate Restructuring practice. John has focused on delivering optimum results for his clients by providing quality service, whether that be in the field of restructuring, receivership, administration, litigation support or investigation. This has been best demonstrated in a number of Australia’s largest and most complex corporate insolvencies.
Registered Liquidator by ASIC, Chartered Accountant, Board Member of Association Independent Insolvency Practitioners, Member of Turnaround Management Association, Member Australian Restructuring Insolvency & Turnaround Association
Cliff is a corporate restructuring specialist with over 30 years of experience in Australia and internationally. He is the founder and Chief Executive Officer of Restructuring Works. In the last 10 years he has been appointed to over 700 companies. He was a Partner of Ernst & Young for 10 years. His experience ranges from formal appointments as Liquidator and Voluntary Administrator to sale of business, due diligence and valuations. Cliff has been the lead adviser in some of the largest restructurings in the Asia Pacific region.
What is the
Voluntary administration process like?
Our Voluntary Administration process is easy to initiate, we just need a Resolution by a majority of directors. We set it all out so all they need to do is sign on the dotted line.
Our Voluntary Administration process is usually completed in a little over a month. During that time, there is a moratorium on any recovery action by creditors against the company and it stops the enforcement of personal guarantees against directors. Our Voluntary Administration process is designed to avoid the involvement of the Courts.
At the end of the process, a meeting of creditors is held and the creditors vote on their desired outcome. The options presented can vary but usually they are:
- Return the company to the control of it’s directors
- Accept a proposed deal with creditors
- Send the company into liquidation
What is the
Cost of voluntary administration?
Voluntary Administration is not the solution to every problem, and cost is often a limiting factor. The cost varies widely depending on whether the company continues to trade, the size of the organisation and the complexity of the proposed strategy.
The cost can be covered by the value of the company’s assets if they are being put to sale, or the company’s ongoing turnover if it continues to trade. We’ll make an assessment during your consultation and if there looks to be a shortfall, we may require a contribution to cover our costs.
Liquidation or Administration?
The simple difference is Voluntary Administration is intended to save or sell a viable business, where liquidation is designed to close a company with a business that is not viable.
Voluntary Administration gets a lot of press coverage and is often synonymous with a failing business. We find it is quite common for directors to enquire about putting their company into Voluntary Administration, when a Liquidation is a better fit.
Speak to an Insolvency Practitioner today.
Simple steps with our insolvency experts
Book your consultation
We Call You
We have a preliminary confidential phone discussion. We’ll gather some information and discuss the basics of the process.
Meet our voluntary administrators
Get A Pack
We provide our recommendations in writing with an engagement letter or formal appointment documents
Push the Button
You sign the forms when you are ready to proceed.
Our Professional Memberships
RestructuringWorks is a fully accredited restructuring firm. We have in-house Administrators and Advisors who have been registered with ASIC since 1996. Our Administrators have been appointed to over a thousand companies in the last 10 years.
Association of Independent
AIIP Board Member in-house
Association of Independent
ARITA Members in-house
Restructuring Law can be a complex area and circumstances vary, so we recommend a telephone call for your initial consultation. We will then gladly meet you or just confirm our advice and quote in writing.